Place the beans in a large stockpot. Cover with cold water by 2 inches; let soak overnight in the refrigerator.
Transfer the beans to a colander to drain. Return to the stockpot; cover with 8 cups water. Add the rosemary and bay leaf. Bring to a boil; reduce heat, and simmer, covered, until the beans are tender, about 1 hour 10 minutes. Transfer to a serving bowl; discard the herbs. Gently toss with the oil, and season with salt and pepper. Serve.
